NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns an 'AAA' rating to the following notes issued by
three closed-end funds managed by Tortoise Capital Advisors, LLC. Fitch
also affirms the existing notes and mandatory redeemable preferred stock
(MRPS) as listed at the bottom of this press-release.

The following ratings are for the new note issuance by the funds:

Tortoise Energy Capital Corporation (NYSE: TYY):

--$20,000,000 series R floating rate senior notes due April 17, 2019.

Tortoise Energy Infrastructure Corp (NYSE: TYG):

--$35,000,000 series U floating rate senior notes due APRIL 17, 2019.

Tortoise MLP Fund (NYSE: NTG):

--$45,000,000 series H floating rate senior notes due APRIL 17, 2019;

--$10,000,000 2.77% series I senior notes due APRIL 17, 2018;

--$30,000,000 3.72% series J senior notes due April 17, 2021.

Fitch also notes that the following note related to NTG was paid in full
on Dec. 15, 2013. The note was previously rated AAA by Fitch.

TYY, NTG, and TYG are non-diversified, closed-end management investment
companies sharing a similar investment goal of obtaining a high level of
total return with an emphasis on current distributions. The funds invest
the majority of their portfolios in equity securities of publicly-traded
Master Limited Partnerships (MLP) and their affiliates in the energy
infrastructure sector. These companies gather, transport, process,
store, distribute or market natural gas, natural gas liquids, coal,
crude oil, refined petroleum products or other natural resources, or
explore, develop, manage or produce such commodities.

ASSET COVERAGE

As of Feb. 28, 2014, the funds' pro forma asset coverage ratios, as
calculated in accordance with the Fitch total and net
overcollateralization tests (Fitch OC tests) per the 'AAA' rating
guidelines for the notes and the 'AA' rating guidelines for the MRPS,
outlined in Fitch's closed-end fund criteria, were in excess of 100%.
These are the minimum asset coverage guideline required by the fund's
governing documents, and evaluated as such by Fitch to arrive at the
assigned rating levels.

As of Feb. 28, 2014, the funds' asset coverage ratio for the notes, as
calculated in accordance with the Investment Company Act of 1940 (1940
Act), was in excess of 300%. The funds' pro forma asset coverage ratio
for total leverage, including the MRPS, as calculated in accordance with
the 1940 Act, was in excess of 200%. These are the minimum asset
coverage ratios required by the 1940 Act and the fund's governing
documents.

LEVERAGE

As of Feb. 28, 2014, TYG total assets were $2,294 million supporting
$330 million of unsecured senior notes, $80 million of MRPS and $44
million of bank borrowing. As of the same date, TYY total assets were
$1,182 million supporting $159.4 million of unsecured senior notes, $50
million of MRPS and $25.6 million of bank borrowing. NTG total assets
were $1,988 million supporting $243 million of unsecured senior notes,
$90 million of MRPS and $48 million of bank borrowing.

As of Feb. 28, 2014, the funds also carried a deferred tax liability
(DTL) as a result of certain unrealized gains typically seen in MLP
closed-end funds for tax purposes. To account for any residual risk
dealing with the recognition of those gains upon sale, Fitch's rating
criteria reduce the numerator of the Fitch OC Tests by 10% of the DTL.
The 10% figure gives credit to the likely event that much of the
currently existing unrealized gains would likely be eliminated or
significantly reduced as a result of asset price declines in a stressed
market scenario.

NOTES STRUCTURAL PROTECTIONS

Should the asset coverage tests decline below their minimum threshold
amounts (as tested on the last business day of each week), under the
terms of the notes the fund is required to deliver notice to the note
purchasers within five business days. The fund manager is then expected
to cure the breach by altering the composition of the portfolio toward
assets with lower discount factors (for Fitch OC Tests breaches), or by
reducing leverage in a sufficient amount (for both the Fitch OC Tests
and the 1940 Act test breaches) within a pre-specified time period (a
maximum of 47 calendar days for the Fitch OC Tests and a longer period
for the 1940 Act test).

Failure to cure an asset coverage breach as described above is an event
of default under the terms of the notes. The fund must then deliver a
notice within five business days to the note purchasers and a majority
vote of note purchasers may then declare all the notes then outstanding
to be immediately due and payable.

The fund is also prohibited from paying out a common stock dividend if
it fails to cure a breach to the notes' 300% 1940 Act asset coverage
test. Fitch views this as an added incentive to cure and deleverage in a
timely manner, regardless of acceleration by the notes purchasers.

MRPS STRUCTURAL PROTECTIONS

Should the MRPS Asset Coverage Test and Fitch OC Test decline below
their minimum threshold amounts (as tested weekly) the funds are
required to deliver notice to the MRPS purchasers within five days of
becoming aware of such fact.

The Fund manager is required to cure the breach by altering the
composition of the portfolio toward assets with lower discount factors
(for Fitch OC Tests breaches), or by reducing leverage in a sufficient
amount (for both the Fitch OC Tests and Asset Coverage Test breaches)
within a pre-specified time period (a maximum of 47 calendar days).

THE ADVISOR

Tortoise, a wholly owned subsidiary of Tortoise Holdings, LLC, is the
fund's investment adviser, responsible for the fund's overall investment
strategy and its implementation. The advisor was formed in October 2002
and, as of March 31, 2014, it had approximately $15.5 billion in assets
under management. Montage Asset Management, LLC, a wholly-owned entity
of Mariner Holdings, LLC owns approximately 61% of Tortoise Holdings,
LLC, with the remaining interest held by certain senior Tortoise
employees.

CONCURRENT RATING AFFIRMATIONS

Fitch affirms the following ratings:

Tortoise Energy Infrastructure Corporation (TYG):

--$110,000,000 6.11% Series E senior notes due on April 10, 2015 at
'AAA';

--$30,000,000 5.85% Series G senior notes due on Dec. 21, 2016 at 'AAA';

--$15,000,000 Series F Floating Rate Senior Notes due on May 12, 2014;

--$10,000,000 4.35% Series G Senior Notes due on May 12, 2018;

--$25,000,000 of series A MRPS due on Dec. 15, 2015 at 'AA';

--$65,000,000 of series B MRPS due on Dec. 15, 2017 at 'AA'.

RATINGS SENSITIVITY

The rating is based on the terms stipulating mandatory collateral
maintenance and de-leveraging provisions in the event of asset coverage
declines. In the case of the rated notes, should the fund fail to cure
an asset coverage breach, or the note purchasers not declare the notes
due and payable upon an event of default, this may lengthen exposure to
market value risk and cause the ratings to be lowered by Fitch.

The ratings may also be sensitive to material changes in the credit
quality or market risk profile of the fund. A material adverse deviation
from Fitch guidelines for any key rating driver could cause the ratings
to be lowered by Fitch.

For additional information about Fitch closed-end fund ratings
guidelines, please review the criteria referenced below, which can be
found on Fitch's website.

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Fitch, opt-in at the following link:

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